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Accounting and Finance - Accounting Standard - Web Page Report - Critical Analysis Assessment Answer
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Internal Code: 1AFIIE
Accounting and Finance Assessment Answer
Assignment Task:Accounting Standard -
Question 1 Find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after January 2019. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator (Nick Davis: ndavis@csu.edu.au). Explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. For example, this from the Sydney Morning Herald in April 2016 could be linked to accounting regulation, ethics and measurement (and perhaps others). Provide a copy of the article or web page, with details of the source, date and page number with your question answer. Question 2 Find an exposure draft or proposal for a new accounting standard which has been opened for public comments. These can be found on the websites of most standard-setting organisations, such as the IASB, AASB, and FASB. (Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or another search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comment letters then contact your subject coordinator (Nick Davis: ndavis@csu.edu.au). Include copies of the comment letters you wish to discuss and complete the following tasks:- Outline the major issues covered in the exposure draft (what is the exposure draft introducing or changing?)
- Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples.
- Can the behaviour of the regulator be explained by 'public interest theory'? Justify your position. Apply each of the theories of regulation (public interest, private interest, and capture) to the comments letters. Justify which theory(ies) you think best explains the comments.
- be able to compare and contrast the diverse perspectives which can be used to explain the development of accounting theory including the impact of social change on accounting and vice versa.
- be able to deconstruct specific accounting issues that have been the subject of theoretical analysis.
- be able to engage in the accounting discourse including critical analysis of the various theoretical approaches applied within the accounting discipline.
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